Big banks might say that they give back, but while the dollar amounts are high, their donations amount to a rounding error on their books. New bank AbleBanking plans to be the bank for people who care about philanthropy.
Although major banks, like Bank of America, are big donors to charitable causes, their generosity is relative. Compared to their assets, even a few hundred million dollars is comparative small potatoes, and it’s really customers who are paying that in the end, in the shape of fees and other charges.
Moreover, argues Heather Campion, chief administrator of a new charity-focused bank, customers have to swallow enormous marketing and advertising spending, and pay for services they don’t necessarily need--like physical branches. Read More